‘3 side hustles you can start for $50 or less’

In 2018, I started experimenting with side hustles to pay off my $40,000 in credit card and student loan debt.

Today, I accomplished that goal — and more. In 2021, I have built enough income streams to quit my $98,500 a year engineering job and work on my businesses full time.

At 28, I’m my own boss, and I work less than four hours a day. Last year, I made over $189,000 from seven streams of income.

My biggest streams come from teaching people how to start profitable side hustles: posting educational content on YouTube, mentoring people on Patreon, and selling business consulting services on Fiverr.

Here are three side hustles you can start today for $50 or less:

1. Freelance your skills on Fiverr.

Cost to get started: $0

Fiverr is an online marketplace for freelance services. Common jobs include graphic design, writing and translation, and digital marketing.

I created my first business consulting list in 2021. I have had a lot of success selling products on Amazon and wanted to share the knowledge in e-commerce.

I charged between $60 and $350 to conduct product research. Someone would tell me what they were interested in selling, and I would find specific products in that category that were high in demand and low in competition.

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I would then compile a research report that included details of the product, where to manufacture it, and a cost estimate and profit analysis. I have sometimes consulted clients on how to list the product on Amazon. I made a profit of $29,000 during my first year.

Fiverr is free to join, and you will only be charged a fee when you complete an order. The platform collects 20% of your income in fees.

Some other no-cost freelancing platforms to consider: UpWork, 99designs and Guru.

2. Use Patreon to benefit an audience.

Cost to get started: $50

Patreon allows you to build and sell memberships by providing exclusive access to your work. I signed up in 2020 to teach people how to create an Amazon store.

Every month, subscribers pay a fee to communicate directly with me and learn about the best selling products in different categories. Last year, I made $33,114 through Patreon.

Signing up to create content on Patreon is free. You only pay to use the service once subscribers pay to join your group. Patreon charges between 5% and 12% of your monthly income, depending on how many features and tools you need.

Here’s how it works:

  1. Decide on a membership product or service. You can list anything you have skills and experience in. Search Patreon for creators working in your area of ​​interest to see what’s selling and where you have the most opportunity.
  2. Conduct competitive market research. Once you’ve decided on a niche, review the pages of similar creators to determine a fair monthly price to charge subscribers and what features you’ll be offering.
  3. Create a welcome video. Post it on your page to describe your services to potential subscribers. You don’t need to invest in video editing software — iMovie or DaVinci are free and easy to use.
  4. Stop a Google Ads campaign. This helps you target people who are looking for your product or service. I only spent $50 on my Ad campaign.
  5. Routine interaction with your subscribers. Listen to their feedback to see what features you should add to your page. Word of mouth is key to growing your Patreon business.
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3. Rent your car on Turo.

Cost to get started: It varies

Do you have a car? Turo, a peer-to-peer car sharing platform that lets you rent out your vehicle, is a great way to generate some extra income.

In 2019, I bought a $22,000 Polaris Slingshot with a $2,000 down payment. I saw people in my market renting their Slingshots for $150 a day, and since my monthly payment was about $400 (including insurance), I only had to rent my car for at least three days a month to keep the balance.

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In 2020, I made $5,717 in gross profit.

Signing up for Turo is free, but startup costs will vary depending on your vehicle situation. Here are three tips to help you maximize your profit:

  1. Differentiate your listing with eye-catching photos. To help my listing stand out, I took photos of my Slingshot in front of graffiti artwork and local tourist attractions.
  2. Install a lockbox to save time and offer more flexibility. I put one on the side of my house so renters could pick up the keys if I wasn’t around. I always ask for a photo of the customer’s ID to make sure it matches the details on their Turo account. Then I would send the check-in instructions.
  3. Rent vehicles that provide the highest return. Turo has data on average annual earnings for different types of cars and markets. For example, you can make more money leasing a Toyota Prius than a Land Rover Range Rover.

Josh Ellwood is the founder of Debt To Dollars. Follow him on Instagram and YouTube.

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